PIC’s working environment a concern since 2013, inquiry hears
There was a culture of fear, including blame-shifting and poor decision-making, said former board member Vuyo Jack in his testimony
The board of the Public Investment Corporation (PIC) was highly concerned about the working environment at the state-owned asset manager as far back as 2013, according to one of its past directors. Vuyo Jack, an entrepreneur and co-founder of BEE ratings agency Empowerdex, testified before the PIC commission of inquiry on Monday that the board — to which he had been appointed in December 2012 — was concerned about the working environment at the corporation in 2013 and appointed audit and consulting company Deloitte to conduct a “climate survey”. The climate survey was established to assess the working conditions at the PIC through a series of staff interviews. “The reason the board commissioned the survey was because [there] was mounting tensions in various sub-committees and the exco [executive committee],” Jack said. The environment was portrayed as having a culture of fear, including blame-shifting and poor decision-making that contributed to a lack of strategic direction. Manage...
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